SINGAPORE, Feb. 28, 2019 (GLOBE NEWSWIRE) -- Reebonz Holding Limited (Nasdaq: RBZ), a leading online luxury marketplace and platform in Southeast Asia, announced today that it has signed a Memorandum of Understanding (“MOU”) with VeChain, a leading global enterprise-level public blockchain platform, to adopt the blockchain technology to establish the end-to-end provenance of luxury products sold on Reebonz’s platforms, which will help further its ecosystem strategy.

The companies plan to develop a digital tag that will enable the development of upstream and downstream supply chain assurance to allow product traceability, supply chain planning, product management, and proof of ownership. Leveraging VeChain’s expertise, it will provide tamper-proof solutions that cannot be replicated or reused. Data, which is unique to every product sold, will be kept on the VeChainThor blockchain.In recent years, the luxury market has seen a clear growth in demand. According to Bain & Company’s luxury report in 2018, the personal luxury goods market grew by 6% in 2018 to €260 billion. The industry is expected to continue growing 3% to 5% per year through 2025 and reach €320 billion to €365 billion in market size. A key growth driver is the shift to online shopping for luxury, which accelerated to 22% annual growth in 2018 to reach €27 billion in sales. With this continuous transformation to buying luxury online, providing trusted authentication solutions is critical.

“We are extremely excited to be a strategic partner of VeChain! This marks an important milestone as Reebonz celebrates its 10-year anniversary in March,” commented Torres Oey, Chief Technology Officer of Reebonz. “Building trust with our customers is one of our core values. This partnership will strengthen our vision of making luxury accessible to everyone and giving the power to our shoppers in determining the authenticity of products that they have purchased. The blockchain technology is unprecedented in our sector and will be a disruptor in how we authenticate products. We believe that the expertise from the VeChain and VeChainThor platforms will be paramount in providing a complete end-to-end solution.”

VeChain will help develop an initial Proof of Concept with Reebonz that takes advantage of blockchain functionality that is perfectly suited for smart contracts. This will help facilitate trust and greater transparency in a rapidly growing sharing economy, which should help benefit participating customers, suppliers, merchants, and partners.“We are on a mission to deliver enterprise-level blockchain solutions and create valuable transactions on the VeChainThor blockchain,” shared Sunny Lu, Co-Founder and CEO of VeChain. “Our partnership with Reebonz sets a new industry standard for solutions using our robust VeChainThor platform. We welcome Reebonz into the VeChain community and look forward to building a long-term partnership with them.”